TAKUMA CO., LTD.
6013・Prime Market・Machinery
Business
Takuma traces its origins to a boiler manufacturer founded in 1938, and today handles the full spectrum from design and construction (EPC) to operation and maintenance (O&M) and DBO (integrated construction and operation) for municipal waste treatment plants, sewage sludge incineration power plants, and biomass power plants for private-sector clients. Its main customers are local governments nationwide and private energy operators. The Environment & Energy (Domestic) Business is the core segment, accounting for roughly 80% of both net sales and operating profit, and is complemented by general-purpose boilers (Civil Thermal Energy Business), building equipment and Semiconductor Industry Equipment (Equipment & Systems Business), and overseas business in Southeast Asia.
Business Model
The company builds up its order backlog through plant construction (EPC), and after completion, secures long-term stable earnings through After-Sales Service such as maintenance, O&M, and New Power Retail businesses. The order backlog at the end of FY2026 (ending March 2026) reached a record high of ¥745,158 million, providing strong visibility into future revenue. In DBO projects, the company builds long-term relationships with clients by winning combined construction and operation contracts, expanding its stock-type revenue base.
Company Strengths
For FY2026 (ending March 2026), orders received reached ¥333,026 million (up ¥86,725 million year-on-year), and the order backlog reached a record high of ¥745,158 million (up ¥167,406 million year-on-year). The order backlog is equivalent to approximately 4.5 times annual net sales, securing medium-term visibility into revenue and profit.
Centered on the DBO (integrated design, construction, and operation) business for Waste Treatment Plant (EPC/DBO), the company has built a structure to capture within its own group the After-Sales Service (O&M, Maintenance, New Power Retail) demand that arises over the 20-30 years following plant startup. Through the expansion of operation businesses via the Hi-Trust group companies, a stock-type revenue model is steadily accumulating.
Since completing Japan's first domestically produced mechanical waste incinerator in 1963, the company has amassed over 60 years of experience in the design, construction, and operation of waste treatment plants. The company's continued strengthening of its technological capabilities is evidenced by, among other things, the selection of demonstration testing of its proprietary CO₂ separation and capture technology (a chemical absorption method using non-aqueous absorbent liquid) as a project adopted by the Ministry of the Environment.
ENVALITH's Perspective
Performance Trend
Revenue was ¥165,620 million (up 9.6% year on year), operating profit was ¥15,409 million (up 13.9%), and net profit attributable to owners of the parent was ¥13,732 million (up 32.1%), with all three metrics reaching record highs. The main drivers were the Environment & Energy (Domestic) Business, with revenue of ¥126,935 million (up ¥13,284 million), and the consolidation effect of IHI Kanetsu Co., Ltd. within the Civil Thermal Energy Business (revenue increase of ¥7,000 million). The operating profit margin improved to 9.3% (from 9.0% in the previous period). As an external factor, sustained strong demand for renewal of aging municipal infrastructure supported performance. For FY2027 (ending March 2027), the company has disclosed a forecast of revenue of ¥191,000 million (up 15.3% year on year) and operating profit of ¥17,800 million (up 15.5%), and the trend of increasing revenue and profit is expected to continue.
Growth Strategy
Aiming for ¥20.0 billion in ordinary income by 2030, centered on maximizing domestic waste treatment plant orders and establishing a stock-type revenue model
The company aims to continuously secure orders for new construction and core renovation work, centered on the DBO business for Waste Treatment Plants. In FY2026 (ending March 2026), it received orders for 5 new plants, 2 core renovations, and 4 new energy plants, with order intake of ¥288,709 million, significantly exceeding the target. The order backlog of ¥722,939 million secures future sales.
The company is promoting the expansion of stock revenue from Maintenance, O&M, and New Power Retail businesses as delivered plants increase. It is enhancing the quality and profitability of operating businesses through data utilization, responding to the increase in comprehensive outsourcing of waste treatment plant operations, and strengthening its after-sales service foundation through the acquisition of shares in Kanei Maintenance Co., Ltd. in April 2026.
The merger between the consolidated subsidiaries was completed on April 1, 2026. The company aims to effectively utilize sales and maintenance networks, improve production efficiency for once-through boilers and other products, and maximize scale merit and synergy through enhanced technological development. It is also concurrently promoting market development for decarbonization-oriented products such as hydrogen, biomass, and electric types.
Under a shareholder return policy targeting the higher of a 50% payout ratio or a DOE of 4.0%, the company paid an annual dividend of ¥93 per share in FY2026 (ending March 2026) (up from ¥67 in the prior period). At the Board of Directors meeting in May 2026, it resolved to conduct a share buyback of up to 2 million shares / ¥4.0 billion (May–September 2026) and cancellation (planned for October 2026), continuing to promote improved capital efficiency.
Ordinary income of ¥20.0 billion in FY2030 is set as the long-term target. Under the 14th Medium-Term Management Plan (FY2024–FY2026), the numerical targets are cumulative 3-year ordinary income of ¥45.0 billion, cumulative order intake of ¥700 billion or more, and ROE of 11.5% or higher in FY2027 (ending March 2027). Progress is on track, with ordinary income of ¥16,279 million and ROE of 12.4% in FY2026 (ending March 2026).
Last updated: July 19, 2026